South Africa's finance minister Nhlanhla Nene resigns

By David McKenzie, CNN

Updated 12:29 PM ET, Tue October 9, 2018

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Nhlanhla Nene talks to the media at a press conference ahead of a roundtable bringing global business leaders to South Africa to discuss the government's reform agenda in Johannesburg on June 28, 2018.

Johannesburg (CNN)South African President Cyril Ramaphosa accepted the resignation of the country's finance minister Nhlanhla Nene on Tuesday, following what the President described as "errors of judgement."

In a nationally televised address, Ramaphosa said he accepted Nene's resignation because of "errors of judgment" as a result of a controversy surrounding Nene's testimony in an ongoing graft inquiry in South Africa.

Despite his reputation as a finance minister fighting the rot of corruption, Nene recently admitted to a series of meetings during his tenure with the Gupta family, wealthy Indian expats that are accused of large-scale corruption. He previously denied having those meetings.

Several other members of Ramaphosa's cabinet have been accused of corruption and some analysts believe that Nene's resignation will put more pressure on the president to clean up his leadership team.